LAGOS ASSEMBLY ADOPTS RECOMMENDATION OF ILUBIRIN FORESHORE ESTATE

LAGOS ASSEMBLY ADOPTS RECOMMENDATION OF ILUBIRIN FORESHORE ESTATE

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Members of the Lagos State House of Assembly during Plenary on Thursday, adopted the resolution of the Committee on Public Private Partnership concerning the Joint Venture Agreement of Ilubirin Foreshore between the Lagos State Government and First Investment Development Company (FIDC) Real Estate Limited.

It would be recalled that the House at its plenary session on Monday, 2nd February, 2021 mandated the Committee to look into a letter sent by Mr. Babajide Sanwo-Olu, Governor of the State requesting for the ratification of the House on a Joint Venture Agreement for the Establishment and Development of Ilubirin Foreshore Estate by First Investment Development Company (FIDC) Real Estate Limited and consider the concession agreement and report its findings to the House.

Presenting the report of its findings, Chairman of the Committee on Public Private Partnership,  Hon. Sa’ad Olumoh established that the Committee invited stakeholders and deliberated on the contract agreement and submissions were made by stakeholders with special focus on the terms and conditions vis-à-vis its overall benefits to the State.

He further stated that the Committee observed that ” A joint venture agreement exists between Lagos State Government, through Ibile Holdings Ltd and First Investment Development Company (FIDC) Real Estate Limited, through Ilubirin Foreshore Projects Ltd (a Special Purpose Vehicle) formed as a legal entity by the State Government and FIDC for this specific project; the agreement is on a public private partnership  meant to design, develope, finance, constructs, manage and maintenance of Ilubirin Foreshore Estate Project and its ancillary facilities (472 residential and commercial units of apartments) at the Ilubirin Foreshore Area of Lagos Island”.

All the relevant government agencies such as the Ministries of Housing and Justice as well as Office of Public-Private Partnership and Ibile Holdings Ltd considered the project and of the opinion that “it is a viable solution to the housing needs of people in the State; due process was followed by the Office of Public Private Partnerships in selecting First Investment Development Company (FIDC) Real Estate Limited for the project”. He maintained.

Hon. Olumoh while stating the enormous benefits of the project added that the project is another opportunity to fulfill government programmes and policies which geared towards making life more meaningful for the people of Lagos State; create more jobs and boost social economic opportunities in the State and also a veritable step towards realizing the smart city status envisaged for Lagos.

The parties have adhered to the provision of Section 26 of the Public Private Partnership Law by forwarding the agreement on the development of Ilubirin Housing Estate to the House before implementation” and are expected to bear their individual cost and expenses as incurred by it in connection with the agreement, except otherwise agreed by parties in writing. He explained.

In his contributing, Hon. Abiodun Tobun commended the Committee for the thorough presentation of the report which covers the scope of the assignment given by the Leadership of the House.

Hon. Ibrahim Layode also affirmed that the Committee has done the beat given to them